Peterborough's Innovation Cluster is launching a Graduate Program for alumni of Fleming College and Trent University. Graduates hired by Innovation Cluster startups will now be provided free office space in order to further employment opportunities.

The Graduate Program was created in partnership between the Innovation Cluster, Fleming College and Trent University as an incentive that promotes the growth of entrepreneurship, employment and student opportunities in Peterborough.

Photo courtesy Innovation Cluster

“Fleming College and Trent University does a great job at bringing in National and International students,” says Michael Skinner, President & CEO of the Innovation Cluster. “We hope this program will retain this talent in our region.”

The launched program promotes startup companies located in The Cube incubator to hire locally through Fleming College and Trent University alumni, to increase both employment rates for Peterborough’s educational institutions as well as reduce cost for incubated startups.

Currently, startup founders pay a monthly fee of $100 per desk space per employee. This is still the case, however those with current employees who are Trent and Fleming graduates will not incur a fee for desk space, along with future alumni employees hired. Founders accepted into the program through the application process receive complimentary space to ensure that money is put to good use.

Multiple companies within the Cluster who have grown their team by hiring local graduates have been able to reach new milestones with the aid from their employees.

Andrew Revoy, based out of the Innovation Cluster, is a Trent University graduate and Senior Project Manager of startup company Kavtek

Andrew Revoy is a Trent University graduate and Senior Project Manager of startup company Kavtek, a client of the Innovation Cluster. Within four months of launching, Kavtek rapidly grew their team to keep up with the growth of their company, hiring software and project positions including Revoy, who says Trent University helped prepare for his employment.

“I'm really glad to be working at the exciting tech startup Kavtek here in Peterborough!” says Revoy. “I've always been interested in technology and business, which is why I studied Computer Science and Marketing & Entrepreneurship at Trent University. My degree in Computer Science gave me valuable skills which helped me stand out and the Marketing and Entrepreneurship Post Grad Certificate gave me the tools and an internship which allowed me to get started in my new career.”

PtboCanada'sChalk Talk is a snapshot of people's favourite thing about Peterborough. Watch for us around town as we would like to feature your favourite thing too! In this edition of Chalk Talk, Mayor Daryl Bennett was very enthusiastic about "The volunteer spirit of Peterborough!"

When you walk about vibrant downtown Peterborough and East City, you likely always seem to spot a new shop, a new place to eat, or places that have relocated to another part of downtown. Here's a glimpse of recent changes...

Saying goodbye to 38º restaurant means welcoming Nicolini's back after a hiatus away from downtown.

Hobart's Steakhouse is now calling Hunter Street home after a complete renovation to the building which was once occupied by Nicolini's. Across the road from Hobart's is currently the home of Fab Collectables & Gifts (see below), which is now on the move and has a 30% off sale in effect. No mention of where their new location might be.

As we previously mentioned in a post, Circus has now opened its second location at 382 George Street to accompany their already existing location on Aylmer Street. Circus replaces Glow Maternity, which has relocated to 188 Hunter Street.

Enticing Cakes will be moving across the road from their current spot to help expand and grow their bake shop. Also in East City is the recent addition of the already ever popular Ashburnham Ale House.

Shots (above) has recently opened in the old Splice location at 379 George Street.

Goddard's Flippin' Burgers will be opening soon beside the Galaxy Cinemas where Johnny Eh's were previously located, and joining the increasing competition of the perfect burger downtown. Goddard's also has a location in Bancroft at 181 Hastings Street North (see below).

Photo by Evan Holt

We love to see new and existing entrepreneurs opening their doors and helping to continue to making our downtown a thriving one. Tip us with further changes you know about downtown, in East City and elsewhere around town.

In recent times,I have spoken about my Mid Term Report...In which 86.6 per cent of my 45 election proposalsHad been either achieved or substantially achievedBy City Council...At the half way point in our four-year term.

I have spoken recently about the Provincial proposalFor a new casino in the City,And the need to approach that debateWith both reason and caution.

And many of you will knowThat I spoke earlier this yearOn the economic health of the downtown,And the substantial investment that the City is making...And will continue to make...In its support.***

Of course, none of these thingsExist in isolation,And all of them are dependent for their success...In one way or another...On the availability of public sector funding...Which, in turn,Speaks to the state of the City’s financial well being.And that is the topic I want to discuss with you today.

By way of context,There is no doubt that jurisdictions around the worldAre facing very difficult financial challenges these days.

Just look at the frequency of countries defaulting on their debts, or having to restructure them...The recent European austerity measures and bank bailouts... The US Debt Ceiling...The US Fiscal Cliff...And the financial instability associated with the Arab Spring movement.

Of course, municipal governments are not exempt.Just two months ago,Stockton, California ... a city of 300,000 people...Was entered into bankruptcy.

In our own province,We have some legitimate concerns.Servicing the debtIs now the third-largest expenditure in the Ontario budget...And Ontario’s debt is increasing at a rateThat is more than twice thatOf the Ministry of Health and Long Term Care.

People are understandably concernedAbout the state of public sector finances,As they should be.

The question this morningIs whether they should be concernedAbout the state of financesIn the City of Peterborough...Or concerned aboutOur financial capacity to both manage our current needs,And meet our future needs.

This is a question that I am asked frequently,And one in which I take a personal interest.I ran on a platformThat included managerial leadership and financial efficiency,And I want to answer that question for you today.

And I will start by telling you that the budgetFor my own Office next yearWill be held to a zero per cent increase.

There are five performance measures that I will quickly cover.

***

First, consider the City’s credit rating...That is, the evaluation given by credit agenciesOf our credit worthiness...An evaluation that serves as an indicator to the investment communityOf our financial security and trustworthiness.

Standard & Poor’s credit ratingFor the City of Peterborough at the end of 2012Is AA-/Stable...A very positive ratingThat we have earned consistently since 2008.This is very good newsAnd a financial status that we can be proud of.

In assigning this rating,Standard and Poor’sMade two key comments about our financesThat I want to share with you.

And second, the City’s free cash and liquid assetsWere about $113 million at the end of 2012,Or more than eight times our estimated debt service for 2013.This means that we have a very strong liquidity level.

Again ... an accomplishment in which we can take pride.

***

A second measure to considerIs residential property tax increases.We have been deliberateIn keeping these increasesAt modest levels,In order to help keep costs down for Peterborough families.

For most home owners,We are judged on the basisOf our all inclusive property tax increases,And how they impact real people with real pocket books.

Our annual residential increases so far this termHave all been at or below 3 per cent...Including last year,When we added a special 1 per cent increaseTo help fund much needed capital investments.

This is a responsible courseThat is supportive of all taxpayers...Our customers...That is intended to maintain our services to themWithout being a burden on them...And a course that we will continue for the entire term.

***

Third, we have made a conscious choiceTo invest in our long term future.It is tempting for someTo put off the hard spending decisionsAbout future investmentsIn favour of spendingThat has immediate and visible results for voters today...Because that can be a popular way to govern.Short term gain...Long term pain.

It is not my way.

In order to renew our infrastructureFor the benefit of future generations,We have invested in a wide varietyOf important capital improvements.Not all of them are visible,But all of them are essential for our long term health as a City.

In fact, there are 240 capital projectsIn the 2013 capital budget,Representing an investment of almost $63 Million.

These include:Airport expansion and improvements, including the Seneca College building;Major waste water management projects;Sewer improvements;The new police radio system;The new fire station;The CPR bridge;Arena renovations;Market Hall Improvements;And a large number of road improvements.

Many of these are in the downtown,And all of them help strengthen a City that cares about its downtown.

***

Fourth, we have been very carefulIn managing the level of our capital debt.

Our capital debt this year, both issued and approved,Is just under $135 million...A number that includes the debt of bothThe Peterborough Utilities Commission,And the Fairhaven Long Term Care Home.

The City’s Net Financial Assets Ratio...A measure of the extent to whichLiabilities can be met from operating revenues...Has been very consistentOver the last three years of its calculation.

In fact, according to standards set out in provincial legislation,The City is using less than half of its debt capacity.

If we wanted to,We could issue an additional $200 million of debtFor a ten-year term,And still be within the limit imposed by the Province.

In fact, even with a debt limit we have set for ourselves...That being a limit of 15 percent of our “own source” revenues, We are still using only 75 per cent of our debt capacity.

The bottom line is that the City’s debt situationHas been managed responsibly and with caution.The cost of our debt servicing is easily manageable...The City is well positioned to carry additional debt... And we are living well within our means.

***

Finally, I do want to sayThat the debt picture of the Province of Ontario,Which I touched on earlier...Is an important part of our own financial picture.

And the reason is simple.Increased provincial dollarsSpent on servicing a provincial debtMean fewer provincial dollarsSpent on other expenditures,Including municipalities.

Interest on the Provincial debtIs projected to cost Ontario taxpayers$10.6 Billion in 2013–14...An amount equal to 8.3 per centOf the total provincial budget.

And we all understandThat those dollars could be put to very good use in our city...Which has, like other cities in Ontario,Become a repository for a number of failed policiesOf the provincial and federal governments.

***

So here’s the message.

The City of Peterborough is in excellent financial shape.

Our credit rating is positive and stable.

Our residential property tax increasesHave been held to modest levels.

We have wisely invested not only in our present,But in our future.Our debt situation is responsible and manageable.

And we look to the Province to manage its own debtIn ways that will ultimately free more dollarsFor Ontario cities and regions like our own,Who are the real engines of Ontario’s growth.

***

I admire, respect and shareIn the determination of the DBIA membershipTo bring economic investment, development and renewalTo the downtown.

An essential bedrock of that good work...For which there is no substitute...Is a solid record of well managed municipal finances.

That is exactly what we have set out to achieve,And we all have reason to be proud of the workOf our City Council and our City staffIn making it happen,And in our collective accomplishments to date.

[UPDATE, Monday, June 17th] Watch a behind-the-scenes update on the new web series Jobless below and the success of their pilot episode:

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ORIGINAL POST

With the unemployment rate in Peterborough hovering around a miserable 12 percent, a timely new comic YouTube series has been launched called Jobless. Created by Mike Moring and Adam Martignetti, and showcasing local actors filmed at locations throughout the city, the plotline is this: Two clueless/utterly unemployable twentysomething dudes strive to make ends meet by any means necessary in Peterborough. Brilliant concept. Now this series has great potential on many levels—at the very least, it shines another light on the huge problem we have in the community with young people finding any jobs—and who knows, could totally take off and create a few jobs/source of income in the entertainment industry. Watch the first episode of Jobless below; it's fun, self-deprecating stuff.

No Casino In The City is a new website looking to bring the latest information about the potential casino that is coming to Peterborough, and the possible negative impacts on the community. They have created a fact sheet, offer .PDF petitions to download, share upcoming dates of key meetings, and give info on what you can do to share your thoughts with others about the harmful effects of having a casino in town.